Karnataka Arivu Education Loan Scheme
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About the Program Share
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The Arivu Education Loan Scheme is an initiative of the Karnataka Minorities Development Corporation (KMDC). Under this scheme, students of Karnataka can avail of an education loan of up to INR 3 lakh for technical education courses, with a nominal interest rate of 2% per annum.
This scheme is open to students from religious minority communities in Karnataka, including Muslims, Jains, Sikhs, Christians, Buddhists, and Parsis. Only students who have been selected for MBBS/BDS/Ayush/Bachelor of Architecture/Bachelor of Engineering/Bachelor of Technology courses through the Karnataka Examination Authority (CET/NEET) for Government/Private Colleges under the Government Quota are eligible to apply for this education loan scheme.
Karnataka Arivu Education Loan Scheme
DeadlineAlways Open Eligibility -
Applicants must be Indian citizens and domiciled in Karnataka.
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Students applying for this loan must belong to the State Religious Minority Community.
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Successful completion of the previous examination (Class 12 or graduation) is a prerequisite for applicants.
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Annual family income of the applicants should not exceed INR 8 lakh.
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Under this scheme, students are not required to provide any collateral, guarantee, or margin money.
Benefits: Loan Amount - INR 50,000 to INR 3 lakh
Categories
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For MBBS, MD, MS courses - Maximum loan amount of INR 3 lakh
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For BDS and MDS courses - Maximum loan amount of INR 1 lakh
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For B.Ayush and M.Ayush courses - Maximum loan amount of INR 50,000
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For Bachelor of Architecture/Engineering/Technology (B.Arch/BE/B.Tech), M.Tech, M.E., M.Arch., courses - Maximum loan amount of INR 50,000
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For B.Sc in Horticulture, Agriculture, Dairy Technology, Forestry, Veterinary, Animal sciences, Food Technology, Bio Technology, Fisheries, Sericulture, Home/community Sciences, Food Nutrition and Dietetics courses - Maximum loan amount of INR 50,000
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For B.Pharma, M.Pharma, Pharma.D, and D.Pharma courses - Maximum loan amount of INR 50,000
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In addition to the sought loan amount, students who have opted for MBA, MCA and LLB courses through KEA will receive a tuition fee loan of INR 50,000
Documents -
Student online application
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2 recent passport size photos of the student
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Student's caste and income certificate
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Aadhaar card copy of the student
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Letter of student's CET admission letter
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Letter of Student's NEET Admission letter
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Student's SSLC/10th Marks card copy
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Student's Diploma/PUC Marks card
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Indemnity Bond by the Student and Parents
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Student’s College Bank Details
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Student Bonafide/Study Certificate
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Student Self-declaration Form
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Parents Self-Declaration Form
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College fee structure
How can you apply? - Visit the official website: kmdconline.karnataka.gov.in
- Scroll down and click on the link that reads ‘Arivu Education Loan Scheme.’
- Click on the ‘Apply Online’ button.
- Now, click on the ‘Apply New’ button.
- Enter the mobile number and OTP.
- Enter the Aadhaar number, captcha text, and click on the ‘Next’ button.
- Fill in the important details in the application form.
- Click on the ‘Save the Application’ tab and download the form.
- Attach the supporting documents.
- Create a combined file (hardcopy) consisting of the application form and documents.
- Submit the file to the KMDC office.
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Previous Year Scholarships And Results
Frequently Asked Questions
Who is eligible for the Arivu Education Loan Scheme?
The scheme is open for the students belonging to the religious minority communities in Karnataka. The annual family income of the applicants should not exceed INR 8 lakh.
What amount is offered under the Arivu Loan Scheme?
The eligible candidates have the opportunity to apply for a loan ranging from INR 50,000 to INR 3 lakh per year under the scheme. Additionally, the loan amount varies based on the specific educational courses.
What is the interest rate of the Arivu Loan Scheme?
The annual interest rate for the Arivu Loan Scheme is 2%.
What is the moratorium period of this education loan?
Students must repay their loans within 6 months, starting one year after course completion with a service charge of 2%.
What is the processing fee for the Karnataka Arivu Education Loan Scheme?
There is no processing fee for the Karnataka Arivu Education Loan Scheme.
Can I avail the Karnataka Arivu Education Loan Scheme if I am already studying?
Yes, you can avail the Karnataka Arivu Education Loan Scheme if you are already studying. However, you must have been admitted to a higher education course through the Karnataka Examination Authority (CET/ NEET) for Government/Private Colleges under the Government Quota.
What is the maximum age limit for this education loan scheme?
There is no maximum age limit for the Karnataka Arivu Education Loan Scheme. However, you must be a resident of Karnataka.
Is there any specific criteria for loan renewal for the Karnataka Arivu Education Loan Scheme?
To apply for a loan renewal, students must pay 12% of the loan amount issued by the corporation during the previous year at their respective district office.
What are the benefits of the Karnataka Arivu Education Loan Scheme?
The benefits of the Karnataka Arivu Education Loan Scheme include:
- Access to low-cost loans for higher education
- Grace period of one year for repayment of loans
- No collateral required
- Relaxed eligibility criteria
Contact
In case of any queries, please reach out to:
8277799990 (Monday to Friday - 10:00AM to 06:00 PM (IST))mwdhelpline@karnataka.gov.in
Disclaimer
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